The S&P 500 ($INX) remains in a major (long-term) downtrend, a trend that began with the bearish key reversal posted during January. Not only did the $INX complete this important reversal pattern, it posted a new 4-month low of 4,222.62, a mark that was taken out during February on its way to 4,114.65. And while the $INX was able to rally off its low to close out the month, the expectation during February is for the market to come under pressure once again, due in large part to the situation in Ukraine, continued global inflation, and expected interest rate hikes around the world.